TRON Surpasses Cardano Amid SunPump Meme Token Platform Surge

On August 20, TRON (TRX) re-entered the top 10 cryptocurrencies by market capitalization, overtaking Cardano (ADA) on CoinMarketCap. Over the past week, TRX prices rose by 17%, surpassing $0.15 for the first time since May 2021. 

A key driver of the cryptocurrency’s growth was the launch of SunPump, a new platform for creating and trading meme tokens.

Another Blockchain for Memes

Since its launch on August 9, SunPump has experienced a surge in activity. According to Dune Analytics, over 20,000 coins have already been launched on the platform.

TRON founder Justin Sun is promoting TRON as the new blockchain for meme tokens on social media platform X.

On other blockchains, a few hundred million in stablecoins can pop out billion-dollar meme coins. Tron’s got $60 billion+, so we could see dozens of billion-dollar meme coins. Sounds wild, but numbers don’t lie. Don’t fight the data. @sunpumpmeme

— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 20, 2024

“On other blockchains, a few hundred million in stablecoins can pop out billion-dollar meme coins. Tron’s got $60 billion+, so we could see dozens of billion-dollar meme coins. Sounds wild, but numbers don’t lie. Don’t fight the data,” he commented.

At the time of publication, the leading coin on SunPump is Sundog (SUNDOG) with a market capitalization of approximately $195 million. According to Arkham, an early investor in SUNDOG has already earned $20 million from an initial investment of just $1690. He was one of the first buyers, holding 104.33 million tokens in his wallets.

Dogs Are Here to Stay

Meme coins like Dogecoin first appeared on the market in 2013. They gained particular popularity in mid-2023 amid the industry’s recovery following the FTX collapse.

Since then, many experts and analysts have predicted the imminent end of “dog” tokens, yet interest in them has not waned. According to CoinGecko, as of August 2024, the total capitalization of dog-themed coins exceeded $29 billion.

New players regularly enter the market. On August 26, the Telegram app token DOGS will be listed on major exchanges, including Binance and OKX. Developers have allocated 81.5% of the total issuance of 550 billion coins for an airdrop to the community.

The P2E project PlayDoge (PLAY) has also launched a presale. The sale of tokens for Ethereum (ETH), BNB, and USDT will conclude on August 26. According to the website, PlayDoge has raised over 6 million USDT at the time of writing. 

After purchasing, PLAY can be staked. In the future, coin holders will be able to use them to raise a virtual 8-bit pet in a Tamagotchi-style game.

We’re in the final stage of the #presale. ?

Are you ready for the best #P2E game of the year? ?

Earn $PLAY tokens and choose wisely what you feed your PlayDoge! ?️

LAST CHANCE TO BUY! ? https://t.co/JT0VEofqf2 pic.twitter.com/L3vML5z3xi

— PlayDoge (@PlayDogeGame) August 13, 2024

In July, CoinGecko experts noted the sustained interest of investors in meme coins.